This judgment shall dispose of the Original Petitions, viz., by the Hon'ble Mr.Justice P.K.Balasubramanyan (Retd.).

2. M/s.Green Gardens Private Limited entered into Facility Agreement dated 26.06.2008 with M/s.Indiabulls Housing Finance Limited to avail loan of Rs.240 Crores. The loan was secured by pledge of shares equivalent to 200% of the loan amount. M/s.Indiabulls Housing Finance Limited disbursed the loan of Rs.227.5 Crores against sanctioned loan of Rs.240 Crores.

3. Mrs.A.Indira Anand and Mrs.K.Bharathi executed Pledge Agreement in favour of M/s.Indiabulls Housing Finance Limited to pledge their shares as security for the loan advanced to M/s.Green Gardens Pvt. Ltd. Mr.A.Ravishankar Prasad and Mr.A.Manohar Prasad gave personal guarantee to secure the loan. Along with the Pledge Agreement, Mrs.A.Indira Anand and Mrs.K.Bharathi also executed irrevocable power of attorney in favour of M/s.Indiabulls Housing Finance Limited. Taking note of pledge creation forms executed by Mrs.A.Indira Anand and Mrs.K.Bharathi, M/s.Indiabulls Securities Limited recorded pledge of share in their record.

4. 11.07.2008, Mrs.Gemini Arts Pvt. Ltd., and M/s.Gemini Foundation Pvt. Ltd., also became co-borrowers along with M/s.Green Gardens Pvt. Ltd. On 30.09.2008, M/s.Indiabulls Housing Finance Limited issued a recall notice to the borrowers as well as to Mrs.A.Indira Anand and Mrs.K.Bharathi.

5. In response to the notice, M/s.Green Gardens Pvt. Ltd., repaid a sum of Rs.5,00,00,000/- (Rupees Five Crores only). However, on 12.11.2008, notice was issued to the borrowers informing that the cheques issued for Rs.2 Crores and Rs.3 Crores were returned unpaid. M/s.Indiabulls Housing Finance Limited invoked the pledge on 12.11.2008 and accordingly, pledged shares were transferred to the account of M/s.Indiabulls Housing Finance Limited in terms of Regulation 58(8) of SEBI Regulations, 1996.

6. On 18.11.2008, margin call notice was issued and on 02.12.2008, M/s.Indiabulls Securities Ltd., sold a part of the shares pledged on instruction of M/s.Indiabulls Housing Finance Limited. Being aggrieved by the action of M/s.Indiabulls Housing Finance Limited in invoking the pledge and sale of shares by M/s.Indisbulls Securities Ltd., Mrs.A.Indira Anand filed C.S.No.1172 of 2008 in this Court.

7. On 16.12.2008, M/s.Indiabulls Securities Ltd., sold a part of pledged shares again on instruction of M/s.Indiabulls Housing Finance Limited. On 17.12.2008, interim order was passed in C.S.No.1172 of 2008. Mrs.K.Bharathi also filed C.S.No.1177 of 2008 and interim order in her favour was also passed on 18.12.2008. It is claimed, that on 18.12.2008, the interim orders were conveyed to M/s.Indiabulls Housing Finance Limited by FAX.

8. Thereafter on 19.12.2008, again part of shares pledged were sold on instruction of M/s.Indiabulls Housing Finance Limited, which resulted in filing of Contempt Petition Nos.204 and 210 of 2009.

9. The case of M/s.Indiabulls Housing Finance Limited is that notice along with all papers relating to order of injunction was received after sale of shares on 19.12.2008. On 19.12.2008, Karvy was also issued letter, showing exact nature of injunction. In the pending suits, parties agreed to refer the dispute in the suits to the sold arbitration of the Hon'ble Mr.Justice P.K.Balasubramanyan (Retd.).

10. The Hon'ble Arbitrator passed two awards. Award No.1, which is under challenge in O.P.Nos.228, 258 and 272 of 2012, relates to the dispute with regard to the loan advanced to M/s.Green Gardens Pvt. Ltd., whereas the 2nd Award, which is under challenge in O.P.229 of 2012 was passed with the regard to the loan advanced to M/s.Manoharamma Hotels & Investments (P) Ltd.

11. The joint memo, which forms the basis for reference to the Hon'ble Arbitrator, reads as under:

“Whereas at a time when the interim applications in the above mentioned suits were argued before the Learned Single Judge, the parties wherein mutually agreed that all the disputes b